Lee Jae-myung, the President of South Korea, mentioned his discussions with Donald Trump, the President of the United States, about the shipbuilding industry, particularly military shipbuilding, at the Korea Investment Summit 2026 held in New York. He expressed hope for more tangible results from this cooperation and said: "Korea and the United States are key partners that support each other in industrial and economic security."
Details of Cooperation in the Shipbuilding Industry
At this summit, Lee referred to the collaborations between the two countries in the construction of military ships and nuclear submarines, stating that these collaborations could contribute to peace on the Korean Peninsula beyond just economic prosperity. He also mentioned the significant investments of Korean companies such as Samsung Electronics, SK hynix, and Hyundai Motor in the states of Texas, Indiana, Georgia, and Maryland.
Lee also announced that cooperation in the shipbuilding sector is progressing in a more tangible way, with plans for the construction of strategic military ships for the United States in Philadelphia, supported by Hanwha investment. He also referred to collaboration in the development of next-generation fire control systems for the US Army.
Proposals and Economic Outlook
Lee Jae-myung further mentioned the South Korean government's efforts to improve macroeconomic conditions and market reforms over the past year. He also reported on major government projects in the fields of semiconductors, artificial intelligence, and AI data centers, stating: "We plan to expand semiconductor manufacturing facilities to double our memory production capacity within five years and create a resilient supply chain for artificial intelligence."
He pointed to key economic indicators such as monthly exports, which surpassed $100 billion in June, and the forecast for total annual exports to reach $1 trillion. Lee also emphasized that the South Korean stock market is currently emerging from an undervalued state and that further actions will be taken to improve market conditions.
